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Simple English definitions for legal terms
statutory forced share
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A quick definition of statutory forced share:
A statutory forced share is a legal term that refers to the minimum percentage of a deceased spouse's estate that a surviving spouse or child is entitled to receive, even if they were disinherited in the will. This percentage is set by law and is also known as an elective share. It is usually an estate in fee simple, which means that the survivor has full ownership of the property. However, this share only applies to the property owned by the deceased spouse at the time of their death, and it can be defeated by inter vivos transfer.
A more thorough explanation:
Statutory forced share is a legal term used in wills and estates. It refers to the percentage of a deceased spouse's estate that a surviving spouse or child can choose to receive instead of what is stated in the will or if they are unjustly disinherited. This percentage is set by law and is also known as a forced share or statutory share.
For example, if a husband dies and leaves his entire estate to his children, his wife may be entitled to a statutory forced share of his estate, which could be 30% or more depending on the state's laws. This means that she can choose to receive 30% of the estate instead of what was left to her in the will.
It's important to note that the statutory forced share only applies to property owned by the deceased spouse at the time of their death. If the spouse had transferred ownership of their property before their death, the surviving spouse may not be entitled to a forced share.
Overall, the statutory forced share is a way to protect surviving spouses and children from being completely disinherited by their deceased loved ones.